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The Westpac-Melbourne Institute Consumer Sentiment index in Australia fell 2% to 92.8 points in December 2024, reversing two months of positive momentum. This decline reflects a renewed pessimism about the economic outlook, with the sub-index tracking the "economic outlook for the next 12 months" plunging 9.6% to 91.2, and the "economic outlook for the next 5 years" falling 7.9% to 95.9. Both sub-indexes retraced approximately half of the gains made in the previous two months. Several factors likely contributed to this shift in sentiment, including a disappointing GDP update in Q3, inflationary concerns, and rate cut uncertainties. Despite this overall decline, consumers reported continued improvements in "current conditions," which assess financial well-being compared to a year ago and whether it is a good time to purchase major household items.